US Fed official warns of 'broad-based' inflation as firms urge action

Cleveland Fed President Beth Hammack warned that inflation is 'too high' and 'broad-based,' signaling she could back higher interest rates at the upcoming FOMC meeting on July 28-29. She noted businesses are urging action to curb inflation, marking the first time in her tenure she has heard such calls. Dallas Fed President Lorie Logan also indicated support for higher rates, reinforcing a hawkish Fed stance as June consumer inflation remained elevated at 3.5 percent, well above the 2 percent target.